Mortgages are how most houses are bought though? Unless we’re talking the super predatory shared ownership shite 💀
What??? When wasn’t this the case when buying a house? You’re not trapped, you’re able to sell houses as well as buy them 🤦
So while you “own” the house, what happens if you don’t pay council tax? Or have spare bedrooms and don’t pay the bedroom tax? Baillifs sell your belongings (including your house) to pay for it?
You see, you never truly own anything. Everything belongs to the government because they can take it away any time you do not play by their rules.
unless you could afford the whole thing outright, this has always been the case.
Yes everyone knows mortgages have always been a thing, and are the usual way to buy a house.
What I hope OP is referring to, is the disgraceful current state of the housing market, the one with prices which have inflated at an alarming rate in comparison to wages, which have inflated at a much slower rate.
Obviously though, the fact that housing prices have increased by 200%+ over the past couple of decades, and wages only 70%~ , can be offset by not purchasing coffee from Starbucks.
Just because you have debt secured on the house doesn’t mean you don’t own it. Why are people like this about mortgages.
You can do whatever you like to the house, within reason, including extending it which might increase the value, sell it, live in it how you want, have the security of not getting kicked out (unless you don’t pay your debt!)
If it goes up in value you get that increase. Etc etc etc.
And all this for a very low interest rate (relatively) because it’s secured on the property, with loads of protections as a residential mortgage buyer.
Mortgages aren’t some big conspiracy or a con. They’re a really good product.
Insurance on the other hand…? Dont get me started!
I mean… that’s how mortgages work? It should be ‘I bought a house (bank of mum and dad paid the deposit)’
I’m so glad I didn’t fall into the trap of buying a house with my last Mrs. Otherwise I’d be even more financially fucked than I already am right now.
Today OP discovered mortgages
Unless you’re the person who had that unclaimed Euromillions ticket this week, you do have to get a massive mortgage to acquire a house- we all gulp when we sign.
This would be funny if it wasn’t so depressingly true
My heart bleeds. Try giving a landlord tens of thousands of pounds over decades and having nothing to show for it.
Imagine complaining about being granted a mortgage.
The UK housing market is like trying to hug a rolling hedgehog, it’s a challenge, but oh, the stories you’ll tell!
Earned money overseas , no tax, came back bought London property in cash with a good solicitor on the whole fiscal vetting shit. If I stayed working in UK or Europe I would be doomed to a wage slave life renting and living paycheque to paycheque, went to free-market capitalist economies like Singapore, Japan, China (yes ironically), Hong Kong, and Cambodia (recently adopted free-market policies in 2011) to have a lower living cost, better purchasing power thus more savings per annum
First this is dumb.
Second this is how it works in oh I don’t know, every western country ever. Also you can sell the house, I have a lovely 3 bed ex council house and I love the place to bits. Massive bonus no bastard can just come round and do a inspection or tell me to move.
Also mortgages are essentially enforced savings accounts as you are paying off a appreciating (usually) asset that you can sell later.
You have a special ‘loan’ secured against an asset that is more or less guaranteed to increase in value.
Personal finance and mortgages really need to be taught in schools.
16 comments
Mortgages are how most houses are bought though? Unless we’re talking the super predatory shared ownership shite 💀
What??? When wasn’t this the case when buying a house? You’re not trapped, you’re able to sell houses as well as buy them 🤦
So while you “own” the house, what happens if you don’t pay council tax? Or have spare bedrooms and don’t pay the bedroom tax? Baillifs sell your belongings (including your house) to pay for it?
You see, you never truly own anything. Everything belongs to the government because they can take it away any time you do not play by their rules.
unless you could afford the whole thing outright, this has always been the case.
Yes everyone knows mortgages have always been a thing, and are the usual way to buy a house.
What I hope OP is referring to, is the disgraceful current state of the housing market, the one with prices which have inflated at an alarming rate in comparison to wages, which have inflated at a much slower rate.
Obviously though, the fact that housing prices have increased by 200%+ over the past couple of decades, and wages only 70%~ , can be offset by not purchasing coffee from Starbucks.
Just because you have debt secured on the house doesn’t mean you don’t own it. Why are people like this about mortgages.
You can do whatever you like to the house, within reason, including extending it which might increase the value, sell it, live in it how you want, have the security of not getting kicked out (unless you don’t pay your debt!)
If it goes up in value you get that increase. Etc etc etc.
And all this for a very low interest rate (relatively) because it’s secured on the property, with loads of protections as a residential mortgage buyer.
Mortgages aren’t some big conspiracy or a con. They’re a really good product.
Insurance on the other hand…? Dont get me started!
I mean… that’s how mortgages work? It should be ‘I bought a house (bank of mum and dad paid the deposit)’
I’m so glad I didn’t fall into the trap of buying a house with my last Mrs. Otherwise I’d be even more financially fucked than I already am right now.
Today OP discovered mortgages
Unless you’re the person who had that unclaimed Euromillions ticket this week, you do have to get a massive mortgage to acquire a house- we all gulp when we sign.
This would be funny if it wasn’t so depressingly true
My heart bleeds. Try giving a landlord tens of thousands of pounds over decades and having nothing to show for it.
Imagine complaining about being granted a mortgage.
The UK housing market is like trying to hug a rolling hedgehog, it’s a challenge, but oh, the stories you’ll tell!
Earned money overseas , no tax, came back bought London property in cash with a good solicitor on the whole fiscal vetting shit. If I stayed working in UK or Europe I would be doomed to a wage slave life renting and living paycheque to paycheque, went to free-market capitalist economies like Singapore, Japan, China (yes ironically), Hong Kong, and Cambodia (recently adopted free-market policies in 2011) to have a lower living cost, better purchasing power thus more savings per annum
First this is dumb.
Second this is how it works in oh I don’t know, every western country ever. Also you can sell the house, I have a lovely 3 bed ex council house and I love the place to bits. Massive bonus no bastard can just come round and do a inspection or tell me to move.
Also mortgages are essentially enforced savings accounts as you are paying off a appreciating (usually) asset that you can sell later.
You have a special ‘loan’ secured against an asset that is more or less guaranteed to increase in value.
Personal finance and mortgages really need to be taught in schools.
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